Acquisitions

Greysteel Brokers Sale of 132-Unit Willows at Dover Apartments in Delaware

by Taylor Williams November 9, 2020

DOVER, DEL. — Greysteel has brokered the sale of Willows at Dover, a 132-unit apartment community in the state capital city. The townhouse-style property was built in 1976 and renovated in 2009. Amenities include a playground, clubhouse and onsite laundry facilities. Henry Mathies and Fletcher Hultman of Greysteel represented the seller, New Jersey-based investment firm The Ingerman Group, in the transaction. The duo also procured the buyer, an affiliate of Los Angeles-based BLDG Partners, which acquired the asset for approximately $19.5 million.

November 9, 2020

Acquisitions Connecticut Northeast Retail

CBRE Negotiates $4.7M Sale of Single-Tenant Retail Property in Milford, Connecticut

by Taylor Williams November 9, 2020

MILFORD, CONN. — CBRE has negotiated the $4.7 million sale of a 4,596-square-foot retail property in the coastal Connecticut city of Milford. The freestanding property is situated on 2.5 acres at 1651 Boston Post Road and houses a bank branch for JPMorgan Chase. Charles Berger, Elli Klapper and Samuel Bernhaut of CBRE represented the seller, Klein Automotive Parts, in the transaction. The buyer was an undisclosed national REIT.

November 9, 2020

Acquisitions Colorado Multifamily Western

Local Buyer Purchases Blue Dot Place Apartments in Colorado Springs for $13M

by Amy Works November 9, 2020

COLORADO SPRINGS, COLO. — Newmark has arranged the sale of Blue Dot Place, an apartment community located at 412 S. Nevada Ave. in Colorado Springs. Darsey Nicklasson and Kathy Loo sold the asset to Ray, Tim and Brian Rhodes for $13 million, or $393,393 per unit. Developed in 2016, Blue Dot Place features 33 apartments and three commercial spaces. The community was the first for-rent multifamily product built in downtown Colorado Springs since the 1960s, according to the broker. Saul Levy and Kevin McKenna of Newmark represented the seller in the transaction.

November 9, 2020

Acquisitions California Healthcare Lee & Associates Office Western

Lee & Associates Negotiates $3.8M Sale of Medical Office Complex Near San Diego

by Amy Works November 9, 2020

VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the sale a two-building medical office complex located at 1830-1840 West Drive in Vista. Turner Healthcare Facilities Acquisition LLC acquired the property from 1830-1840 West LLC for $3.8 million. The property offers a total of 24,147 square feet of medical office space. Jeff Abramson of Lee & Associates – North San Diego County represented the buyer, while Dave Dean of Commercial Property Advisors represented the seller in the deal.

November 9, 2020

Acquisitions California Industrial Western

Terreno Realty Buys Industrial Building in Downtown Los Angeles for $4.4M

by Amy Works November 9, 2020

LOS ANGELES — Terreno Realty has purchased an industrial building, located at 2425 Porter St. in Los Angeles. An undisclosed seller sold the asset for $4.4 million. Situated adjacent to Interstate 10 in downtown Los Angeles, the 13,000-square-foot building features seven dock-high loading positions and parking for 64 cars. At the time of sale, the property was fully leased to a single tenant.

November 9, 2020

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Brokers $4.2M Sale of Pueblo Springs Apartments in Tucson, Arizona

by Amy Works November 9, 2020

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Pueblo Springs Apartments located at 3003 N. Alvernon Way in Tucson. Pueblo Springs by Bakerson LLC sold the asset to Pueblo Springs Holdings LLC for $4.2 million. The 41,850-square-foot multifamily property features 75 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented the seller, while Anna Sepic of Levrose Commercial Real Estate represented the buyer in the transaction.

November 9, 2020

Acquisitions Industrial Nevada Western

Rockstream Properties Acquires 6,170 SF Industrial Property in Henderson, Nevada

by Amy Works November 9, 2020

HENDERSON, NEV. — Rockstream Properties has purchased an industrial building located at 1172 Wigwam Parkway in Henderson. An undisclosed seller sold the asset for $1.3 million. Situated within Traverse Pointe Commerce Center, the property features 6,170 square feet of industrial space. Greg Pancirov and Mike De Lew of RealComm Advisors represented the buyer in the deal.

November 9, 2020

Acquisitions California Hospitality Top Stories Western

Eagle Four Partners, Lyon Living Acquire Newport Beach Marriott Hotel for $216M

by Taylor Williams November 9, 2020

NEWPORT BEACH, CALIF. — A partnership between locally based private equity firm Eagle Four Partners LLC and development and management firm Lyon Living has acquired the 532-room Newport Beach Marriott Hotel & Spa for $216 million. The price equates to approximately $406,000 per room. The seller was Host Hotels & Resorts (NASDAQ: HST), a Maryland-based hospitality REIT. The Newport Beach Marriott is situated on 10 acres adjacent to Newport Harbor and Newport Beach Country Club. The hotel is located within the 3 million-square-foot Newport Center mixed-use development and across from the 1.3 million-square-foot Fashion Island shopping and dining destination. Eagle Four owns and operates the Newport Beach Country Club and recently developed the new clubhouse at Newport Center. The hotel features more than 32,000 square feet of indoor and outdoor meeting and event space, as well as a full-service, spa, pool and fitness center. A fine dining restaurant, grab-and-go food market and a Starbucks Coffee shop also operate within the property. The Newport Beach Marriott was built in 1975 and renovated in 2005. The new ownership plans to build on past capital improvements with its own upgrades. “The hotel will complete a comprehensive renovation of both public space and guestrooms …

November 9, 2020

Acquisitions Video

Video: Balance Sheet Lending for RV Parks & Manufactured Housing Communities

by Sarah Daniels November 8, 2020

Left: Randall Shearin, Senior Vice President, France Media. Right: Peter Margolin, Commercial Real Estate Loan Originator, Alliant Credit Union. The manufactured housing community and RV park business (long considered recession resilient) is having a moment in the midst of economic uncertainty. Travel restrictions and a wealth of amenities have further thrust RV parks into the spotlight as an emerging getaway for those cut off from other vacation destinations. Peter Margolin of Alliant Credit Union talks about trends for RV parks and mobile home communities, the pandemic’s impact on lending, plus recently closed deals. Learn all about the increasing interest in this property type and Alliant’s approach to structuring deals. Watch this brief interview with REBusinessOnline and hear about demand and establishing value in this increasingly popular asset class. Q&A sponsor: Alliant Credit Union is one of the nation’s largest credit unions with more than $12 billion in assets. Working in concert with mortgage bankers, Alliant as a balance sheet lender provides tailor-made solutions for commercial real estate borrowers by offering step-down yield maintenance with open periods, interest only periods and limited to non-recourse on qualified loans, longer term competitive fixed-rate pricing, stabilized to value-add structures, future earn outs and …

November 8, 2020

Acquisitions Multifamily North Carolina Southeast

Greystar Buys Two Apartment Communities in Metro Charlotte for $121M

by John Nelson November 6, 2020

CHARLOTTE AND MOORESVILLE, N.C. — Greystar has purchased two apartment communities in the Charlotte market totaling 660 units. Boca Raton, Fla.-based Waypoint Real Estate Investments sold the properties, Barrington Place in Charlotte’s University City district and Waterlynn Ridge in Mooresville, to Charleston-based Greystar. The sales price was not disclosed, but the Charlotte Business Journal reports that the Class A communities traded for a combined $121 million. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of JLL represented Waypoint in the transaction. Andy Scott and Cory Fowler of JLL arranged acquisition financing on behalf of Greystar.

November 6, 2020

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